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The Kudlow Report

News/Business. Larry Kudlow. Larry Kudlow provides his unique perspective on business, politics and investing. New.

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01:00:00

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Virtual Ch. 58 (CNBC)

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mpeg2video

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ac3

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480

TOPIC FREQUENCY

Paul Ryan 10, Joe Biden 10, Benghazi 9, Us 9, Obama 8, Romney 6, America 6, Barack Obama 5, Panetta 5, Jennifer 5, U.s. 5, Iran 4, Geico 4, United States 3, Eu 3, Washington 3, Europe 3, Jared 3, Clinton 3, Klein 3,
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  CNBC    The Kudlow Report    News/Business. Larry Kudlow. Larry Kudlow provides his  
   unique perspective on business, politics and investing. New.  

    October 12, 2012
    7:00 - 8:00pm EDT  

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to the european union? huh? that is the nutiest thing i have ever heard. and defense secretary leon panetta warns of a cyber pearl harbor coming from iran and it may have already begun. all on jimmy, after last night's debate i keep picking those hot romney stocks and sectors. good evening, everyone, i'm larry kudlow. this is "the kudlow report." our top story tonight, paul ryan's resounding victory in last night's debate with vice president joe biden. the first ten minutes sealed it. 43 million people watched and the polls are showing a snap cnn poll gave the win to ryan and so did the cnbc survey. biden's snarky, disrespectful
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laughing and out-of-control interruptions hurt him enormously. plus, he gave no reason for barack obama to be reelected ryan played and cool and smart. the best line today from marco rubio. take a listen to this. >> let me tell you, it's not easy to do a good job onstage when you have a heckler on the stage with you. >> biden misled everyone with a string of falsehoods. tonight we have the man who developed the cia's program that detects deception. what you'll hear from him is going to shock you. then again, maybe it won't. >> plussic brai ibreaking news, panetta warns a cyber pearl harbor is about to happen and the fingerprints point to iran. also tonight, the nobel peace prize gets awarded to the european union celebrating socialist bailouts and a useless
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bureaucracy. first up, ryan won the debate in the first ten minutes last night, that's if you ask me. the romney-ryan pro-growth revolution is very much under way and let's discuss this whole story and the i my all-star cnbc panel and jared bernstein, former chief economist and vice president joe biden. jennifer rubin, author of "the washington post" right turn blog and jamie peth kuke as, let me start with you. my note is a simple one. when he teed off and just accused of administration of mismanagement and i don't know if he used the word cover up and he said you guys have done everything wrong, to me, that hot topic which is increasingly important in this presidential race, that blew biden up, and that gave the win to ryan who held on for the rest of the hour. what about benghazi and what about biden's lies and falsehoods about benghazi last
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night? >> joe biden at least got the story in the front page of the new york times who had been burying the story and that's something and i think you're right and that will be a big problem for the obama ticket going forward. the president will have to do clean-up work on tuesday at a time that he wants to be on the offensive. there are two problems here and one is that we left those people vulnerable and we left those people to die. the international red cross moved out and the europeans had moved out. we took the marines out at a time that al qaeda was moving in. there's a part from 2012, august, that lays this all out. we knew or we should have known. the second problem, of course is the lack of honesty. in real time charlene lamb testified yesterday or the day before she was observing this entire tact, no mob, no spontaneous demonstration. >> right. within 24 hours those intercepts to al qaeda in the islamic grab
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were back -- >> let me play the tape. hold on a second. here's what paul ryan actually said debating on libya. here it comes. >> our ambassador has a marine detachment guarding him. shouldn't we have a marine detachment guarding our ambassador in benghazi, a place that we knew there was an al qaeda cell with arms? this is becoming more troublesing by the day and now they're trying to blame the romney-ryan ticket for making this an issue. >> that last thing, blaming the romney-ryan ticket. i'll give the case to the defense to you, but i've got to say joe biden said the intelligence didn't tell them anything. the state department knew in real time that this had nothing to do with spontaneous protests about the video. that's point number one. point number two, biden said last night that he did not know or that there was no request from the state department for
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extra security in the benghazi consulate. the reality is, we have all learned, they made not one, not two, but five requests for additional security which were all turned down at the white house and the national security council. biden -- i think you and jennifer raise a lot of good points that absolutely should be checked in days to come, but you know, larry, you have to check both sides. i didn't like your introduction. we'll check biden's lies and it's lefshlgity mat to fact check and let's not call people liars. >> look at what the obama administration has done. >> it's three against one so give me fair time. >> the biden rules, got it. >> secondly, it was about three minutes into paul ryan's wrap had he said the president did not call this an act of terror for two weeks. flatly contradicted by the
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facts. the president called this an act of terror in day one. so i think, you have to be more will bahhance hand this. >> jared, my friend, that's not entirely true. the president went before the united nations and continued to argue that this was a spontaneous protest because of this video on youtube. that is the truth. hillary clinton stuck with that. they ran an advertisement, a tv ad which they put into pakistan. they said that at the dover air force base when the kafblgets of the ambassador and the others who were killed were right next to them and for joe biden to say he didn't know, jared, i'm sorry. for joe to say he didn't know they wanted more security, all of the evidence is pointing completely the other way. if you don't like my adjectives, fine, but all of the evidence is pointed in the wrong way. >> the outcome of the foreign policy discussion and this is a consensus i've heard from both sides is when paul ryan
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consistently said we don't like what they're doing at the end of the day, he didn't have any alternatives to say how he would do it differently. >> that's not right, jared. paul ryan, i don't think he was going lie to the american people. and what did charlie lamb testify? asked directly if the funding was the reason the contingent was right? she said no. >> because the budget cuts come later. you're right. >> hang on a success. i've got another tape and we'll switch subjects over to one of my favorites, taxes, listen to what paul ryan said last night, debating taxes. >> there are enough rich people and small businesses to tax and to pay for all their spending and so the next time you hear them say don't worry about it we'll get a few wealthy people to pay their fair share, watch the middle class, the tax bill is coming to you. >> jimmy you had two clear opposites last night. you had ryan defending romney's
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tax reform plan which lowers marginal rates and puts a strict spending cap on deductions or you had joe biden who proudly was proclaiming who wants to raise taxes by $1 trillion on the rich. how does this play out, jimmy in the next two debates and the remainder of the campaign? >> finally, i'm delighted that someone in this case as paul ryan pointed out that even though the president's been talking about this fantasy, bib lechal middle class tax right that romney and ryan has upon the american people it's the obama plan that has the tax hike in it because there's no way you can pay for all of the spending this administration wants to do without raising taxes and that's why president obama will commit to extending the middle class bush tax cuts for one more year. after that year they'll go up. >> that's factually incorrect.
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the president has said he wants to make this permanent and he wants to make permanent the middle class tax cuts that bush instituted in the early 2000s. he's extended them to 2013 and then we'll see what kind of grander tax reform plan. listen, those are not going away. >> it's in his ten-year budget. i helped craft the budget. the president wants the middle class bush tax cut. >> he will personally commit to one more year. >> you and i should go back. >> who knows what it's going to be? >> i'll show you the downs. >> let me go back to jennifer on another issue. jennifer, it's funny. i didn't really see mr. biden talking about -- he mentioned obama's name very much and he didn't create an obama case, but on the other hand, jennifer, romney and ryan created a romney case and one of the points he
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makes and i want you to take a whack at this, romneys he can do business with the other side of the ail and he's offered to tax reform, spending, entitlements and the whole fiscal cliff and ryan repeated that several times. wow. isn't this exactly what independents want to hear? isn't this from moderate democrats want to hear and the idea that mitt romney will reach across the aisle and make a deal? >> this was one of the most important parts of the first debate and why romney's numbers shot up and continue to shoot up. this is what independents want to hear. i must say joe biden played into this by being such a jerk and being so rude. the average person doesn't distinguish between personal interaction and they can't get along with the other guy and he can't let him finish a sentence and i think that speaks volumes. david brooks of the new york times had the same observation.
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i think the obama team had a cardinal decision. they came close. >> maybe i'm old-fashioned, but i don't think you should call the vice president of the united states a jerk on national television, and i think you're wrong. secondly, i -- >> i'm just repeating what the focus group said, jared. this is what viewers were saying. this is what gloria borger said and all of the people who were on tv last night. >> jennifer, don't call the vice president a jerk on television regardless of what the focus groups say. show a little respect. >> you are backing two candidates that have called mr. romney a liar, a felon. >> i think that's wrong. >> i think that's wrong. >> not only do i think that's wrong, but on this very show tonight we said let's not use that language. listen more kiflly and be more respectful about the vice
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president? >> i haven't seen you writing op eds or decrying it. >> larry, tell jennifer that i've been completely -- let's show respect. >> there's a lot of name calling on both sides. >> i agree. >> not just on should though, on a lot of other shows. jimmy, you're coming back and we'll talk about the eu nobel prize winner. thank you. we'll try to settle this before the election's over. anyway, stay with us to tackle what i believe is one of the most ludicrous stories of the day. i won't say it's wise. i'll just say it's ludicrous. get this, the european socialist bailout union has actually won the nobel peace prize? what's next? maybe the post office. coming up next, the romney revolution, yea, you heard me correctly. a romney revolution. it may be a tough week for markets, but investors, fear not. a pro-growth romney boon may lay just over the horizon and don't
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forget, free market capitalism is the best path for prosperity. europe doesn't have it. they shouldn't be winning nobel prizes. i'm kudlow. we'll be right back. i've been a superintendent for 30 some years at many different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level.
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>> it's time to do stock market work. tough week for the markets. the dow shed 280 points. okay, it happens. my note to investors, go ahead, take some profit chips off the table if you want. no problem. on the other hand, there could be a free market romney boom on the horizon and, therefore, you might want to get ready to buy some key stocks and sectors if that romney boom materializes, and i think last night's debate pushes it along. let's go to zack carbell and lee mutual fundsen portfolio of llc and author of "rigged money." zack, before i get into the romney boom, just a couple of quickies here. we have an excellent number. consumer confidence up a third straight month. it's up 20% year on year. i want to ask you about that and
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i want to ask you along with the banks doing a little better. j.p. morgan and wells fargo, that tells me the housing and mortgage situation is getting better. so consumer confidence is getting better and the housing and mortgage situation is getting better. >> we're taking a partisan breather to look at what's going on economically and you're totally right about the data today. what's intriguing about the flip-flop is for years before from 2009, '10, '11, businesses and corporations were more confident and now suddenly, consumers, housing, confidence is building within the public mind set, but it's retreating a bit in the corporate mind set and the balance of those things is going to keep things in check for at least a little while and we're not going have a great earnings season ahead. i think everyone knows that intellecta you willy, but as you know the reality could be
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bracing it even if people are expecting it. >> lee mutual fun our,munson, te for the first time in three years and there's a story out there that the fourth quarter is being marked down across the board. all right, on the other hand, just to repeat, consumer confidence up, housing prices up, employment not really very good, but nonetheless, it ain't falling, it's rising. what's your take, lee? apart from the politics, are these fundamentals worth buying back in and buying a dip? >> yes, and i don't think you have to worry about whether romney will win or not. i think we'll get a rally. what we have right now is we have great earnings per share they think they'll beat because a cfo can always cut costs. what the savvy investors will look like is the top line and not what zack is alluding to and it's the top line growth number, so if you don't own index funds
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like the spy and individual stocks, and if you hear in the news that your stock's troop line revenue is off, expect that you can get punished, but overall you can see growth between now and the end of the year. >> is that a yes? >> i just wanted a yes or no? >> would you buy the dip? >> yes. i would buy the dip. >> i'm still trying to get munson to tell me, what's the answer to my question. would you buy the dip? >> absolutely. that's all i ask. that's all i ask. >> this would be true regardless of who wins this particular -- >> let's go there. what i'm saying is this, not only does it mean no tax increases and it probably means the tax reduction for businesses both large and small. i think that's very positive for economic growth. my friend mona sharon wrote a piece called the romney boom,
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and i believe entrepreneurs are so ready to have a boom, if only the -- if only the tax and regulatory threats would be removed, zack, that's why i'm saying people might want to get ready for a boom if the election goes on its way. >> if washington can get its act together, president obama favors lowering the corporate tax rate. if washington can get its act together to bring u.s. corporate tax rates. . if you want to do the romney boom just stick to the coal and defense stocks. if you want to do it safe, coal defense stocks. >> what about banks and what about cyclical retail? that's the last one. >> i did the cyclical retail. health care, you know, it's a difficult thing. >> all right. gentlemen, i'll leave it there. zack carrabell, thank you very much. lee munson, up next on kudlow, the nobel peace prize gets awarded to the european union and it's the nutiest thing i've
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we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> a news alert coming out of chicago. the fbi has launched an investigation on congressman jesse jackson, jr. cnbc's own bertha coombs joins with us all of that and all of the latest breaking headlines coming into the cnbc newsroom.
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evening. >> good evening, larry. the fbi and federal prosecutors have launched a investigation of jesse jackson, jr., this time for possible misuse of funds monitored by congress, that according to nbc news. jackson has been on medical leave since june. and it's official again. the treasury today became the latest to confirm the government deficit topped $1 trillion once again. the treasury says the deficit was roughly 7% of gdp and, larry, the nobel peace prize goes to the eu. the nobel committee gave the prize to the european union acknowledging the 27 blocks advancement and a peace and reconciliation and i know a lot of people think this is ridiculous, but when you think about the history there and the fact that these countries 100 years ago and what they're doing is hard, maybe it's a reminder. >> they should have given them to them 70 years ago and this is the wrong time and i'll talk about that with my pal jimmy pathkuke as.
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>> my only personal view is it's a ridiculous thing so i've asked cnbc contributor jim pathkukas to come back. at this moment in time with the growth of welfare states and socialism and bankruptcy and bailouts i wouldn't give the european union an award of any kind. what this k this nobel peace prize people be possibly thinking? >> given what you just said and the fact, the eu could still break apart and maybe this is like a parting gift when people are on a game show and given a parting gift. listen, if there's credit here for there being peace in europe since 1945 i think i would credit the u.s. military, ronald reagan and the a-bomb. >> right. >> more than i would the eu and the bureaucrats in brussels. >> we bail them out. we protectioned them all those years and reagan's the guy that ended communism, but the head of the peace prize committee is blaming the united states for the european economic crisis.
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i read "the new york times" story incredulously. he said the demise of lehman brothers is the responsibility of the european crisis, not their overspending and not their overtaxes and not their excess government and not their excess entitlements, jimmy. it's all because of lehman brothers. >> listen. you have countries that are following every wrong thing to do to run a good economy and even what they're doing now, they're raising taxes. this is like a death wish and a suicide attempt by europe and not america's fault. >> i want to ask you which is worse? the peace prize to president obama in 2009 or giving the peace prize to the european union, which is worse? >> as a gambler would say that is a pick 'em situation. >> you chicken. jimmy p. gets the best of the best. up next on "kudlow," we have a cia deception detective to see how many times my friend joe biden lied in last night's debate. "the kudlow report" coming right back.
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all right.
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tonight weave broken down the debate many different ways and none like this. i'm joined by phil houston. he's a 25-year veteran of the cia and creator of the system used by the intelligence community to detect deception. he is currently the ceo of qvarity which provides behavioral analysis for clients. let's just jump right in. i want to talk about these snaeshg, smirky smiles that mr. biden put up. take a look at that. we have one with teeth and one without teeth. what does that tell you? >> as you can see, one is a very genuine, very warm smile that was in response to paul ryan's comment about things coming out of your mouth unexpectedly. it was clear that the identify could identify. >> which one? which one? that one. this one looks like a smile that's not a smile. >> exactly. >> what does that tell you? >> it's more of a smirk, more of
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a derisive smile and often used know just in politics but when we see people being deceptive they often will do things to impeach the credibility of what the other person is saying. so as we saw last night in several occasions, the vice president was engaging in this type of smiling, you know, very obviously while paul ryan was talking and it appeared to be a strategy on his part to impeach paul's credibility in terms of whatever he was saying. >> it's a real putdown kind of thing. why does he interrupt in the counts of interruption ranged from 80 to 100 in a 90-minute debate. do we have one? anyway, talk to me about interruption and here he is with their hans in the cookie jar, turning medicare into the piggy bank. one out of six hospitals and nursing homes are going to go out of business as a result of this. >> with the 7.4 million seniors are projected to use the current
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medicare election coverage, that's a 3200 benefit cut. >> these are from your own -- more people signed up for medicare advantage after the change. nobody is -- >> mr. vice president -- >> mr. vice president, i know you're under a lot of duress to make up for lost ground, but i think people better served if we don't keep interrupting each other. >> ryan was the cool hand there, but when you look at biden, what does it tell you, all of these interruptions. >> they recognize that paul ryan has a thoughtful and earn in you ared delivery style and has a logical progression to it and what the vice president appears to be doing is by interrupting him is an attempt to throw mr. ryan off stride because it's difficult to maintain that logical progression if someone keeps interrupting you. and he was successful in a couple of occasions. i have to give credit to paul for coming back and recovering very -- >> it was a cool hand look and
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he saw this coming and he stayed on his path. that was my take, too. let's go to another one. the whole benghazi incident which started at the beginning of the debate which i, just my personal view. take a look at this. i think this was the turning point in the whole debate. here it is. >> there were no protests. >> we were told by the intelligence community. they told us that as they learned more facts about exactly what happened and they changed their assessment and that's why there's also an investigation headed by tom pickering, a leading diplomat from the reagan years as to whether or not there were any lapses and what the lapses were so that it will never happen again. >> they wanted more security there. >> we weren't told, we wanted more security there. >> and we did not know they wanted more security and by the way, at the time, we said exactly what the intelligence community told us that they knew. that was the assessment and as the intelligence community made
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their view, we made it clear they changed their view and that's why we will get to the bottom of this. usually, when there is a crisis we pull together as a nation, and even before we knew what happened to the ambassador the governor was holding a press conference. >> all right. what is his body language and speech tell you about this? >> when we analyzed the entire debate last night, this question was around the benghazi incident was where we found the most deception. it begins with the fact that the original question posed by it was this a massive failure? and intelligence failure and the vice president doesn't address that as an issue during these comments and he realizes and seems to realize that they're taking a lot of heat from this incident and what he's trying to do is make a series of comments that deflect away from -- >> because everything we've learned since that time that they probably knew within 24
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hours or so that this was not a video-released protest and this was an organized terrorist act and secondly, everyone is leaking out of the state department that they requested more security on a number of occasions and these are the white house or the nfc and the national security council said no. he wouldn't address any of that and that's to say, i want to be fair. in your profession does this deception amount to lying? it is certainly evasive, larry, in the sense that they realize they're taking some heat here and what he's doing that was a bit surprising is he is saying neither ryan nor the president knew, for example, that additional request for additional security had been made and by doing that he's basically throwing everybody that did know about those requests under the bus so to speak and deflecting accountability. >> thank you very much, phil houston, very informative. we appreciate it.
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his book, by the way, "spy the lie" is in bookstores. you can read it. i'm going to take a look at it upon. the benghazi cover-up has caused a rift between barack obama and the clintons. here we go. ed klein has broken the story. the author of the best selling book "the amateur" will join us next. up next, we need spies for this one, too. defense secretary leon panetta says america will be attacked. a cyber pearl harbor right out of the movie, derailing passenger trains and contaminating the water supply and shutting down the character. they want legislation and i'll tell you, when liberals want legislation, business beware, but we will cover the cyber threat on kudlow. a ash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety.
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tight turning, fun to drive 2013 smart. ♪ >> all right. this just in, edward klein, best-selling author of "the amateur" has posted an important blog reporting the rift between presidents obama and clinton and that rift has opened over the stunning benghazi fallout. ben klein joins us now, an old friend of the show. thank you very much. look, this is off the daily caller is where i see it if it may be elsewhere it may be elsewhere. hillary is in a heap of trouble because stuff is coming out now that she knew this baurpt a video spontaneous administration. she had to know that security calls were being made by the local consulate and inside the state department and yet she went along with the party line.
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you're saying her husband is trying to find a way to extricate her. how is he going to do that? >> bill is concerned and this is from my sources in the clinton camp that hillary will be thrown under the bus by barack obama and the chicago gang running his campaign and he has reached out to friends in the legal profession to figure out if she's number one, subpoenaed and in her memos and her documents are subpoenaed. should she appear or say this is executive privilege and not appear. >> she's in a pretty tough spot andy she had that video going into pakistan and stood by the presidents literally when the caskets of the bodies were at the dover airport and they stayed with the story.
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>> and they're thenning as thiefs and they both conjured up the same b.s. story about the video and the spontaneous demonstration and everything here has been disproven. in other words, they're in this thick as thieves, ed klein. >> the bill is of the opinion that they'll paint all of this on hillary and they'll say we didn't know anything about it. >>y mean, biden says last night he was unaware, quote unquote, and i don't know if that's the right word he used and we didn't know about it and nobody told us, blah, blah, blah. it says the only person who knew was hillary clinton and this is exactly what bill was predicting was going to happen and why he has formed already an informal legal team to advise her on how to handle the situation because he is really afraid this is
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going to be a stain on her credibility and a stain on her reputation. >> and his election. and his election. >> and her election in 2016. i mean, look, the state department was watching this terrorist action in real time, ed. >> i'm not disagreeing with you with what you're saying and of course, you're right. the state department had multiple requests for security addition and the white house turned it down. >> what i'm trying to say, larry is what's happening beneath the surface is a huge battle taking place with the clintons and the obamas over who's going to take blame for this screw up. >> i think this is a hot presidential election issue, ed. >> i think it's an underrated, i know, taxes, deficits, budgets and jobs. this thing with the debts of popular ambassador and former navy s.e.a.l.s and the american consulate being overrun.
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people are furious at the cover up that's going on. >> totally correct, and who is going to be given the blame for this? will it be hillary? will it be obama? will it be all of them? i would suggest to you that if you were david axelrod you're furiously trying to figure out how to avoid president obama to be held responsible for this screw up. >> wow! that's a tough job. ed klein, author of "the amateur" as always giving us the inside scoop. >> some other news, wells fargo, the big hit has been hit with a cyber attack. the bank says no major damage was done to their accounts. u.s. officials are now saying iran and others are now repairing a cyber attack on the u.s. leon panetta suggested a pearl harbor type threat and he laid out his worst-case scenarios. take a listen. >> they could, for example, derail passenger trains or even more dangerous, derail trains
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loaded with lethal chemicals. they could contaminate the water supply in major cities or shut down the power grid across large parts of the country. >> all right. tough stuff. thank you for coming back. i have no doubt that mr. panetta is right on the park. i want to ask you about the iranian situation and if i'm not mistaken, russia. which is the worst? >> it depends on what the threat is, larry, what the chinese and the russians to a lesser degree are doing to stealing intellectual property and terabytes of data, and the nation's economic future and the government has said that a year ago in the report and what the iranians are doing right now are two things and they're attacking critical infrastructure in the middle east and oil and gas, and
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the service attacks against u.s. financial industries and wall street and a more complex way than they've done in the past, and the state-sponsored group to mask some of it, but there's no doubt the complexity of it points to a nation state and it's most likely iran. >> gas pipelines, water contamination, is there evidence yet that they've been cyber hacked? >>s why, there is evidence and here's what secretary panetta is getting at. there are industrial control systems that control a lot of our critical infrastructure and utilities and elsewhere and none of these control systems were built with security in mind and how they configure it create, and any cyberspace can access those industrial control systems and target them and ultimately do harm. that's when he's drawing attention to right now. >> roger, though, on the other side of this story, mr. panetta
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wants legislation which he cannot get yet. he wants legislation assy understand it will form certain standards for businesses whether it's key businesses or all businesses to somehow fight back against cyber terrorism. the chamber of commerce doesn't want it and says it will be too expensive and says it will be unnecessary. senator john mccain agrees with the chamber. what does the chamber know that panetta doesn't know or what does panetta know that the chamber doesn't know. >> people are opposing this legislation because they're afraid of what the worst-case scenario is and i don't buy it. this legislation has bipartisan support. senator collins is one of the sponsors to it. here's the big issue of the legislation. keel alexander has cyber threat information. he wants to share with the private sector, current law prohibits him from doing that and part of the new legislation will allow him to share that threat information to allow us to better protect ourselves in
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corporate america. >> do we need legislation which the business groups say would be very costly? do we actually need legislation or can this be done through some private consortium is of information sharing? ? no, it can't, because what we've seen so far is all of the efforts for voluntary action have fallen short. what secretary panetta said in a pre-9/11 environment we had warning to do something. he's pointing to cyberspace right now in that same way. remember, larry, i was there, and i saw those warnings and the cyberspace were in the same space. nbc news terrorism analyst, thank for helping us out. ? you bet. up, in, mitt romney won last week's debate big time. he became a game changer. what's the case he made to reelect barack obama? no one seems to know that including obama himself. that's next on "the kudlow
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>> there was also one person on the stage when actually asked what he'd do to get the economy going again had an answer. he laid out our five-point plan to get this economy going and the other candidate, of course, just attacked. but the american people are looking for answer, not attacks. >> welcome back to "the kudlow
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report." the americans want answers. and the worst economic and jobs recovery in modern times going back to 1947, we've got this benghazi cover-up and blowups in the middle east and record deficits, debt and entitlements and government handouts, what is the case the intellectual case for reelecting barack obama? does mr. obama even know? so let's talk. we have cnbc contributor howard dean, former dnc chair and presidential candidate and governor of vermont and romney surrogate and founder -- >> we had the last debate and joe biden didn't make the case last night. they haven't made it in between. what is the case for reelecting obama. >> jobs are up substantially and 4 million jobs and we have the lowest deficits in four years and we have put people back to work and we would have put more
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people back to work had more americans passed the jobs bill. and the real case is we have to get some democrats in there because they're more fiscally responsible than this ridiculous $5 trillion tax cut that is not paid for on top of the $2 trillion that they've paid for. >> i don't know a single journalist who thinks -- >> i don't know one single journalist, not one -- >> let me bring -- >> i don't know one person with any credibility to that whatsoev whatsoever. >> larry -- larry -- >> please go ahead. >> i'm sick and tired of hearing howard repeat that speaking-point lie that finally mitt romney called, roger, stop interrupting the way joe biden did and let me speak. >> why don't you and larry finish, two against one.
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i'm stand up for myself any time. >> please continue tom stemberg. >> what i'm trying to say is mitt romney has made it very, very clear that there are no tax break for upper income guys like me that we'll pay a greater share of the tax bill that we currently pay and he's made is very clear that a lot of the tax benefits that guys like me get in expensive homes and will get away and i'm okay with that and as opposed to telling these lies or deceiving yourselves that we have 23 million americans creating jobs at an anemic rate at about 100,000 a year in which case it would take five more presidencies to get us back to a normal state i think we can deal with reality and frankly, if he hadn't been so good at these lies these rates wouldn't even be close. >> this is totally ridiculous. mitt romney had tax plans last
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week, maybe it should be 50 and maybe it would be 100 and i think there were two versions of barack obama because mitt romney switched from the right-wing immigration hate tore someone who will support president obama's immigration plan. this is -- >> howard, once again, like your brethren, you're lying. the fact of the matter is -- >> don't call me a liar. you should be ashamed of yourself. >> i am shocked. >> there's no need to be personal. you ought should be ashamed of yourself. -- [ indiscernible ] >> mitt romney will not be in the white house because people do not trust people that talk like that. >> same kind of lie that your buddy harry reid threw out. >> tom, mitt romney has a pretty clear agenda and you support his agenda. what i'm asking here and i want
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you both to weigh in on this, what's president obama's agenda. when i say the case for re-election i'm talking about a future agenda and future strategy. you may not like it, but what is it? that's what i'm trying to define. tom stemberg, you first and now i want governor dean. >> i've been listening to the president now since the campaign began and other than it's a vague idea and tax the rich some which by the way, will begin to cover the tremendous trillion dollar hole we face each year. i haven't heard much of a plan. there have been attacks, but no plan. you may not like ryan's plan, i get that, but he does have a future strategy and this is what he's going to try to do. >> let me ask the question. >> what people are asking president obama is what will you do -- in order to be elected, what will you do in the future?
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i don't think he's done a good job or any job putting that out there. >> i think it's been very clear. he will continue to attract the deficit. he'll look at the tax reform which i think is very important, if you get any help from the republicans whatsoever which he got none of for the last two years we'll see real tax reforms and the implication of the tax codes and he'll get his jobs bill passed if the congress will cooperate which they haven't done for two years. >> tom stemberg, your reaction to howard's definition here and your agenda? larry, when you've been in office for four years, you shouldn't be evaluated on your plans. you should be evaluated on your performance, it's at best, d-minus and our jobs situation are running trillion dollar deficits and america's dollar and the stock price, if you will, is at an all-time low and that's not a good record. >> excuse me, our stock price is up tremendously since barack obama took office.
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wall street's done really well. the reason is corporate profits. >> our currency. >> our economy is recovering and the people know it. >> thank you very much. tom stemberg, ceo of staples. we appreciate it. that's it for this evening's show. thanks for watching. i'm larry kudlow and we'll be back on monday for much more of the great political battle and what it means for investors and the stock market and business. those surprising little things she does
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